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The crypto market collectively declined, and many people simply attributed the drop to the procedural vote failure of the Clarity Act, quickly concluding that the "bull market is over." However, from the perspectives of geopolitics, history, and capital transmission logic, the bill is only a short-term disturbance; the energy geopolitical game is the long-term main theme weighing on risk assets. Historically, oil supply disruptions caused by conflicts in the Middle East transmit along the chain of "crude oil price increase → inflation rebound → central banks maintaining high interest rates." Rising oil prices push up overall inflation stickiness, directly limiting the Federal Reserve's room to cut rates, and high financing costs continuously suppress valuations of long-duration assets like stocks and crypto. This is the underlying constraint the market cannot escape in this cycle. The simultaneous weakening of BTC, ETH, SOL, and SUI reflects capital pricing in this geopolitical risk chain in advance. The Clarity Act vote failure is merely an excuse to sell off: the bill only failed procedurally, regulatory battles will continue, and the on-chain infrastructure and ecosystem fundamentals remain intact. Short-term capital is reducing positions to hedge based on the news, which is a short-term capital behavior and does not change the cycle structure. Overnight overseas capital situation: Overnight treasury yields remained elevated, crude oil kept bid amid Middle East supply risks, capital continued de-risking ahead of